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Mitigating stamp duty land tax and IHT on purchase of second home.
My wife and I are buying a holiday home which we intend to use exclusively for ourselves family and friends. We would like to explore the possibilities for mitigating any stamp duty land tax and inheritance tax liabilities. The purchase price is just under £2m so would normally incur the extra 3% second property stamp duty land tax charge. We think putting the property into a trust for our four grandchildren (who are five eight ten and 13) may be a possible option.
We own our home which is valued more than the new property and in addition have numerous investments valued well in excess of the purchase price.
Although we think we will use a combination of cash and mortgage (25%/75%) for the purchase we are exploring the options of re-mortgaging our home or selling shares to buy the new property outright.
Query 19 143– Purchaser.
...Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
